In the first hike in small savings rates since January 2019, the finance ministry on Thursday increased the interest rates payable on five of 12 such schemes for the third quarter (October-December) of the financial year ending on March 31, 2023 (FY23), leaving other interest rates unchanged.
The up to 30-basis point (bp) hike may come as a relief to small savers, farmers and senior citizens amid elevated inflation, but the fear of higher interest burden may have prevented the government from hiking small savings rates across the board, say experts.
The decision came a day after the Union Cabinet hiked dearness allowance (DA) and dearness relief (DR) for central government employees by 4 percentage points to 38 per cent of basic pay ahead of the festival season.
This story is from the September 30, 2022 edition of Business Standard.
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This story is from the September 30, 2022 edition of Business Standard.
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